Under Armour to pay $434 million to settle 2017 lawsuit

(Reuters) – Under Armour said on Friday it would settle a 2017 shareholder class action lawsuit that accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the¬†company’s¬†financial health.

Under Armour said it intends to pay the settlement amount of $434 million through cash on hand as well as by drawing on its $1.1 billion revolving credit facility.

Under Armour added it has consistently denied the accusations and entered into this agreement in principle, which is not an admission or finding of fault or wrongdoing.

(Reporting by Juveria Tabassum; Editing by Vijay Kishore)